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notax4me
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Condo rental property

We own a condo that we rent out and in 2023 did a complete remodel for about $28000.00

I listed all that went into the unit. Is this the proper way to show this on our Tax return?

Thanks,

Jim McGowan

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1 Reply

Condo rental property

You would not report the remodel as expenses. They should be depreciated and added to your cost basis. See this discussion:

 

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-have-a-rental-prope...

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